According to an internal letter issued to employees by Chairman and CEO of Luckin Coffee, Guo Jinyi, Luckin had opened about 360 new stores in the month of January, setting a new record for the company. Further, the transaction volume of all stores during the Spring Festival holiday was three times that of the same period last year.
In 2021, Luckin’s performance steadily grew with stores expanding their operations. A total of 113 new, ready-made drinks were launched throughout the year.
In addition to the improved performance, what is more important is that Luckin has completely rid itself of the impact of its previous charges of financial fraud and has resumed normal operations. According to recent company announcements, the company was able to reach a settlement whereby it will pay a fine of $180 million.
In September last year, Eileen Gu became the spokesperson of Luckin Coffee. Today, Gu took home another medal from the Beijing Games with a second-place finish in the women’s ski slopestyle competition. So far, Gu has won one gold and one silver medal in the Winter Olympics. In the internal letter, Guo Jinyi said that, like Gu’s fighting spirit of “pressure can be turned into a positive force to meet challenges”, Luckin has turned the “boulder” it shouldered into a “ladder” to the top of the coffee chain.